Business
Lagos free zone attracts more firms, targets $12bn for GDP
Lagos free zone attracts more firms, targets $12bn for GDP
Lagos Free Zone (LFZ) says it will contribute about $12bn to Nigeria’s annual Gross Domestic Product (GDP) by 2032.
The GDP target is made possible with more businesses showing interest in the area.
Managing Director of the LFZ, Dinesh Rathi, spoke on development plans of the zone at a recent meeting with journalists at the company’s head office in Ibeju Lekki, Lagos.
He said the $12bn GDP target would be achieved when the zone becomes fully functional.
Already, he said the LFZ had so attracted $2.5 billion as foreign direct investment (FDI).
Newstrends learnt that the zone being promoted by Tolaram Group sits on 850 hectares of land in Lagos and houses the Lekki deep seaport.
Rathi said the free zone requires at least 150 companies to operate at full capacity.
He stated, “If you look at the zone and the master plan, today, we are having 24 companies operating inside the zone, once you have 150 to 160 companies operating inside the zone, and if you put a number based on that, we can easily get an output equivalent of $12 billion,” he said.
“We did our workings and that is our vision. And then, with that number, you will be two to three per cent of the national GDP.
“This whole free zone along with the Lekki port can be a game changer in the years to come. And this has happened in the case of China and Dubai.”
As implied by Rathi, who doubles as the Chief Executive Officer (CEO) of LFZ, the $12 billion target is dependent on the influx of companies in the zone.
At the moment, only Indian corporates such as Kellogg’s, Colgate, Arla Foods, and BASF Corporation are tenants at the.
Firms from the South Asian country were last month invited to set up shops in the area.
The managing director also hinted of plans bring in local companies.
“We are in constant touch with a lot of Nigerian operators to get them inside the zone and leverage the port and the zone to create, not only a hub for domestic sales but also for exports under the continental free trade agreement and under the ECOWAS treaties,” he said.
As part of its growth plans, the company said it planned to develop a gas infrastructure to serve the electricity needs of companies in the area.
The LFZ has reportedly signed a 20-year gas infrastructure development agreement (GIDA) to connect the zone with the national gas transportation grid.
According to the organisation, Optimera Energy LFZE, a consortium of Falcon, FHN and ND Western will implement the project and “deliver piped natural gas to all LFZ tenants”.
Since LFZ’s development kicked off 10 years ago with the aim of enhancing the ease of doing business, the firm said it had received over 23 registered enterprises, manufacturing and logistics companies.
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Auto
TCAN Honours Dangote Cement Transport for Safety, Logistics Excellence
TCAN Honours Dangote Cement Transport for Safety, Logistics Excellence
Dangote Cement Transport has been recognised for its contributions to the development of Nigeria’s transport industry, winning the “Champion of Transport Industry Development Award” presented by the Transport Correspondents Association of Nigeria (TCAN).
The award, presented at the third Transport Summit organised by TCAN in Lagos, recognised the company’s efforts in improving road transport operations, strengthening safety standards and deploying more efficient logistics solutions to support industrial activities across the country.
Receiving the award on behalf of the company’s management, the Head of Dangote Cement Transport, Mr Murilo Silva, said the recognition was a reflection of the commitment of the company’s transport workforce, drivers, safety professionals, engineers and operational partners.
Silva said Dangote Cement viewed transportation as a critical component of industrialisation and economic development, stressing that the efficient movement of goods was essential to sustaining production, trade and national economic activities.
“We are deeply honoured to receive this award from the Transport Correspondents Association of Nigeria. This recognition reflects Dangote Cement Transport’s unwavering commitment to developing a safe, efficient and sustainable transport system that supports economic growth and national development,” he said.
According to him, the company would continue to invest in technology, safety initiatives and operational improvements as part of efforts to raise standards across its transport operations.
“At Dangote Cement, we recognise that transportation is much more than moving goods from one point to another. It is a vital link in the nation’s economic ecosystem,” Silva said.
He added that the company would continue to deploy innovative solutions, strengthen its safety culture and collaborate with relevant stakeholders to improve road transport operations.
Silva dedicated the award to the thousands of drivers, transport professionals, engineers, safety personnel and logistics workers whose daily efforts support the movement of Dangote Cement products across its extensive distribution network.
“This award belongs to our drivers, our safety professionals and every member of our transport team who work tirelessly every day to ensure that our operations are safe, reliable and efficient,” he said.
The recognition underscores Dangote Cement Transport’s investments in fleet management, driver training, road safety programmes and technology-driven logistics solutions aimed at improving operational efficiency and reducing risks associated with road transportation.
The award was presented against the backdrop of growing calls for stronger collaboration between government and private-sector operators to tackle infrastructure and logistics challenges confronting the country’s transport industry.
The TCAN summit also featured discussions on port modernisation, rail integration and technology deployment, with stakeholders emphasising the need for coordinated action to improve freight movement, reduce logistics costs and accelerate innovation across Nigeria’s transport sector.
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Auto
Carloha Opens Wider Access to Chery Q as Smart EV Enters Nigeria’s Mainstream
Carloha Opens Wider Access to Chery Q as Smart EV Enters Nigeria’s Mainstream
Carloha Nigeria is taking the Chery Q to motorists across the country, widening access to an electric vehicle designed to combine affordability, practicality, intelligent technology and zero-emission motoring.
The move by the official franchise holder, assembler and authorised distributor of Chery vehicles in Nigeria is expected to give more Nigerian motorists an opportunity to experience the Chinese automaker’s latest generation of smart electric mobility.
Built around Chery’s global “Quest for Joy” philosophy, the Chery Q blends distinctive styling with intelligent technology, advanced safety features and efficient electric performance, while drawing inspiration from the heritage of the iconic Chery QQ family.
Carloha said the model is targeted at a broad spectrum of motorists, including young professionals, growing families, first-time electric vehicle buyers and urban commuters looking for a cleaner, smarter and more connected driving experience.
The Chery Q also brings a strong design proposition to the compact EV segment. Its award-winning exterior, recognised with both the Red Dot Design Award and iF Design Award, features expressive geometric styling, rounded LED lighting and a contemporary two-tone interior.
Despite its compact dimensions, the vehicle has been engineered to maximise interior space, achieving an 85 per cent space-efficiency ratio.
Measuring 4,195mm in length with a 2,700mm wheelbase, the Chery Q offers substantial passenger room while retaining the manoeuvrability expected of an urban vehicle.
Its practicality is further enhanced by luggage capacity that expands from 375 litres to 1,450 litres, alongside a 70-litre front trunk and 38 smart storage compartments.
According to the company, the combination makes the Chery Q suitable for a wide range of everyday applications, from city commuting and shopping to family outings and weekend journeys.
Beyond its styling and practicality, the electric vehicle has been developed around a rear-engine, rear-wheel-drive architecture, supported by independent suspension and balanced weight distribution to enhance handling and stability.
The model also features Electric Power Steering and a One-Box Brake-by-Wire system designed to provide smoother braking response, improved driving precision and greater control, while supporting regenerative energy recovery.
A key attraction for potential EV buyers is the Chery Q’s claimed driving range. The vehicle offers an estimated 420-kilometre NEDC range, giving users greater flexibility for daily commuting and longer journeys between charging sessions.
Charging downtime is also reduced through its fast-charging capability, with the battery able to move from 30 per cent to 80 per cent in about 16.5 minutes, according to the manufacturer.
With the nationwide rollout, Carloha is positioning the Chery Q as part of the growing transition towards cleaner and smarter mobility in Nigeria, as interest in electric vehicles continues to expand.
The company’s wider strategy of assembling and distributing Chery vehicles locally also places the Q within its broader effort to make the brand’s technology and vehicle range more accessible to Nigerian motorists.
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Business
NNPCL Slashes Petrol Pump Price to N1,405 in Abuja, Dangote Refinery Cuts Gantry Rate
NNPCL Slashes Petrol Pump Price to N1,405 in Abuja, Dangote Refinery Cuts Gantry Rate
Abuja — The Nigerian National Petroleum Company Limited (NNPCL) has announced a reduction in the pump price of Premium Motor Spirit (PMS), commonly known as petrol, at its retail outlets in the Federal Capital Territory (FCT), Abuja.
A market survey conducted on Sunday revealed that NNPCL filling stations in key areas such as Gwarimpa and Kubwa have adjusted their prices downward to N1,405 per litre, a reduction from the previous rate of N1,430 per litre.
However, the survey indicated a slight variation in pricing across different NNPCL outlets within the capital city. While the Gwarimpa and Kubwa stations are selling at N1,405, other outlets located along the Kubwa Expressway, Air Junction, as well as those in Wuse Zones 4 and 5, are offering the product at a lower rate of N1,395 per litre.
The latest price adjustment by the national oil company follows a significant reduction in the gantry price of petrol by the Dangote Refinery. Reports indicate that the refinery recently slashed its gantry price by N25, bringing the rate down to N1,325 per litre.
The reduction in pump prices is expected to bring slight relief to motorists and commuters in Abuja, who have had to grapple with high transportation costs fueled by elevated fuel prices in recent months.
Industry observers note that the ongoing price adjustments reflect the dynamics of the deregulated downstream sector, where market forces and refinery gate prices influence retail costs. It remains to be seen if other major marketers and independent oil marketers will follow suit with similar price reductions in the coming days.
Motorists in Abuja have welcomed the development, expressing hope that the downward trend in fuel prices will be sustained across the country and ultimately lead to a reduction in the overall cost of living.
NNPCL Slashes Petrol Pump Price to N1,405 in Abuja, Dangote Refinery Cuts Gantry Rate
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